Quote

It is the consistency of the information that matters for a good story, not its completeness. Indeed, you will often find that knowing little makes it easier to fit everything you know into a coherent pattern.

Daniel Kahneman

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Daniel Kahneman
Age: 90
Born: 1934
Born: March 5
Economist
Psychologist
University Teacher
Tel Aviv
Israel
D Kahneman
Littles
Matters
Find
Easier
Completeness
Little
Information
Coherent
Everything
Knowing
Consistency
Matter
Story
Pattern
Good
Often
Patterns
Makes
Fit
Stories
Indeed

More quotes by Daniel Kahneman

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The premise of this book is that it is easier to recognize other people's mistakes than your own.
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Employers who violate rules of fairness are punished by reduced productivity, and merchants who follow unfair pricing policies can expect to lose sales.
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In a rising market, enough of your bad ideas will pay off so that you'll never learn that you should have fewer ideas.
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We're generally overconfident in our opinions and our impressions and judgments.
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Negotiations over a shrinking pie are especially difficult because they require an allocation of losses. People tend to be much more easygoing when they bargain over an expanding pie.
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The dominance of conclusions over arguments is most pronounced where emotions are involved.
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There's a tendency to look at investments in isolation. Investors focus on the risk of individual securities.
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Adaptation seems to be, to a substantial extent, a process of reallocating your attention.
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This is the essence of intuitive heuristics: when faced with a difficult question, we often answer an easier one instead, usually without noticing the substitution.
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If people can construct a simple and coherent story, they will feel confident regardless of how well grounded it is in reality.
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People have little idea, by and large, of the investment world. They are convinced they have an advantage.
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Divorced women, compared to married women, are less satisfied with their lives, which is not surprising. But they're actually more cheerful, when you look at the average mood they're in in the course of the day.
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The evidence is unequivocal, there's a great deal more luck than skill in people getting very rich.
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Many people will admit that they made a mistake [putting money in dot-coms or telecoms at their peak] But that doesn’t mean that they’ve changed their mind about anything in particular. It doesn’t mean that they are now able to avoid that mistake.
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One thing we have lost, that we had in the past, is a sense of progress, that things are getting better. There is a sense of volatility, but not of progress.
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Experienced happiness refers to your feelings, to how happy you are as you live your life. In contrast, the satisfaction of the remembering self refers to your feelings when you think about your life.
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Friends are sometimes a big help when they share your feelings. In the context of decisions, the friends who will serve you best are those who understand your feelings but are not overly impressed by them.
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People exaggerate their confidence in their plans - something we call the planning fallacy... The existence of the plan tends to induce overconfidence.
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Laziness is built deep into our nature.
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The effort invested in 'getting it right' should be commensurate with the importance of the decision.
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